Danny Salas

Must Short-Sale Your Home…Need To Relocate and Buy? We Can Help!

Short-Sales Can Be Depressing

Dire Straights

One of Access’ partners, on our warehouse line, is enabling us to fund loans for clients in dire need.  How dire?  Check this out!

Relocating?

Let’s say that you’ve had perfect mortgage payments and great credit all of your life. Unfortunately, you’re in a bind.  Your company has decided to relocate you and give you a nice promotion.  However, you’re upside down on your mortgage, meaning you owe $500,000 on your residence, yet the residence is only worth $300,000.

Do not fret!

Get in touch with a knowledgeable, experienced Real Estate Agent (we can help), and they can negotiate a short-sale for you.  Also, as long as you keep your payments current, until the short-sale is completed, you’re able to enter into a purchase contract and close, subject to FHA underwriting guidelines.  It’s a huge opportunity, that only some of our most experienced agents have taken advantage of, but YOU SHOULD TOO!

Late Mortgage Payments

So, you may ask, what if we just couldn’t keep up with the payments, at the end, and short-saled, but the last two payments didn’t get paid.  Twelve months from the final short-sale, you may purchase.  So, keep the faith!

Guidelines

FHA has put some restrictions on the program.  You’ll have to fill out a form that inquires into your reason for the short-sale and the distance from your current residence to your new residence.  As FHA does not want people taking advantage of a declining market place. Also, qualifying ratios are 36/45.  Not too shabby, actually.  So, call Access and earn a commission when you short-sale one property, and maybe another, or a referral, on the other property.

Related Must Reads

Understanding FHA-Why It’s King
Changes Occurring For FHA
Why Buy Now?
You STILL Qualify For $6,500 Primary Residence Tax Credit

What To Subscribe To:

Get Our Twitter Updates
Get Our Blog Blast
Connect With Us On Facebook

This entry was posted on Sunday, January 24th, 2010 at 1:10 pm and is filed under Chico Home Loans, Mortgage Industry Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website